Banking sector records 8% growth in assets

Muscat - 

The Central Bank of Oman’s (CBO) board of governors held its first meeting this year on Tuesday chaired by H E Sultan Salim Said al Habsi, deputy chairman of the board.

At the meeting, H E Habsi presented a detailed report on economic and financial developments in the sultanate for the year 2018. The banking sector’s performance indicators were featured prominently in the report.

In a press statement, the CBO said that the preliminary data pointed to a strong performance of the banking sector during the year under review. The sector achieved a notable eight per cent growth rate in assets, reflecting its strong capacity to provide funding requirements for all economic activities last year, including diversification initiatives for the productive sectors. Accordingly, credit to various sectors of the economy registered six per cent growth in addition to increase witnessed in deposits and investments.

The central bank said that inflationary pressure was mild during the year and continues to follow similar trend. Therefore, investors’ confidence remains positive, supported by an effective supervisory and regulatory environment that continues to follow best international practices.

The board of governors also examined the financial performance of CBO for February 2019, including reports on the latest international investments as well as foreign reserves.

The board was also presented with the activities of the College of Banking and Financial Studies and its role in providing a qualified workforce for the banking and other sectors in the sultanate. The presentation indicated that the rate of Omanisation in the banking sector stands at 94 per cent.

Another topic of discussion was on the report pertaining to the work of the High Sharia’a Supervisory Authority in addition to approving the regulation on Islamic banking activities.

muscat daily recycle